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7 Best Forex Trading Apps in Nigeria

Are you looking for the best forex trading apps in Nigeria? Here are seven (7) selected picks and review of some of the best FX brokers you can download their apps to your smartphone and start trading currencies online from home.

Before now, trading in Forex market would usually require one to go through licensed and certified Forex brokers. Unfortunately, this process means parting away with a large sum of money charged by these so-called experts and getting a bigger screen PC for market analysis.

Interestingly, due to technological advancement and discoveries, several mobile applications are now been designed to make everyday life stress-free. However, it’s been discovered over the years that the shift from the floor trading to online trading on mobile has continued to increase and this continues even in the coming years.

These Forex trading apps are been embraced here in Nigeria because they permit real-time trading around the world. So, are you in search of an online broker for trading Forex or CFDs? If yes, then be sure to settle for one that has got good reviews with clients and also regulated.

The following are some of the trading accounts offered by online brokers;

  • Trading in CFDs – Also known as the contracts for difference makes traders speculate on their asset which could be a commodity, stock, currency pair, stock index, or any other financial instruments.
  • Trading in Forex – The exchanging of currencies is the basis for trading in Forex. The exchange rate between currencies changes from time to time. These trading apps have made online trading to be extremely popular. In April 2016, the Forex market became the largest financial market in the world with a daily turnover of over $5.1 trillion.
  • Demo Accounts – These accounts are used for testing a strategy, trade practising, or go through a stockbroker’s platform or services. The demo account is funded by virtual money.
  • Islamic Accounts – These are for traders who delight in trading accounts that are according to the Sharia law.

So, the following are the best Forex trading apps in Nigeria;

  1. eToro

This platform offers CFDs and social trading, and since its inception in 2006, it can boast of over 12 million active traders on its platform. However, traders must take caution because about 62% of retail investors lose funds when they trade in CFDs using this app. So, if you can afford to take a risk, this platform is for you.

eToro is regulated by the Financial Conduct Authorities (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

Method of funding Platform Spread Type Customer Support
PayPal Tablets Islamic account Email support
Credit Card Mobile apps Variable spreads Live chats
Bank transfer Web Trader Fixed account Phone support
Micro account Standard account    
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2. Xtb

This trading platform came into operation in 2004 and had since grown to have over 250,000 traders. It offers Forex trading, Cryptocurrency, and CFDs. It’s been discovered that 75% of investors lose their funds trading in CFDs using this platform. The xtb platform is under regulation from Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Comision Nacional del Mercado de Valores, and Komisja Nadzoru Finansowego.

Method of funding Platform Spread Type Customer Support
PayPal Mirror Trader Islamic account Email support
Credit Card MT4 Variable spreads Live chats
Bank transfer Web Trader   Phone support
Micro account Tablet   VIP account
  Mobile apps    

 

Other features of the trading app are;

  • It provides technical analysis and advanced charts
  • Through the app, one could assess the risk exposure, margin, and pip value
  • The investor gets price alerts from time to time
  • A free demo account can be opened in seconds with a virtual fund of about $100,000
  • Investors can contact support service 24-hours daily between Monday to Friday
  • The platform offers secure and safe fund deposits and withdrawals
  • The app allows you to customize some features on it
  • Investors are equipped with macroeconomic activities via the app

3. TRADING 212

This came into operation in 2006 and trades in stocks, Forex, indices, and commodities with over 14 million investors. However, it is advisable to know how CFDs work and if you can take the risk of losing money because about 76% of investors lose funds when they trade CFDs using this platform.

TRADING 212 is regulated by the Financial Conduct Authority (FCA), Financial Supervision Commission (FSC).

Method of funding Platform Spread Type Customer Support
PayPal Mobile apps Fixed spreads Email support
Credit Card Tablets Variable spreads Live chats
Bank transfer Web Trader   Phone support

 

Features of the TRADING 212 app

  • It provides easy to use charts for technical analysis
  • Investors can practice with virtual money
  • It is equipped with over 1900 CFDs with stocks, Gold, Oil, Forex, and Indices
  • Investors are guaranteed superb customer support

3. Pepperstone

It was established in 2010 and offers trading in CFDs, Social trading, and Forex with over 10,000 investors on the platform. However, about 76.5% of traders lose their funds after trading CFDs using this platform. So, good knowledge about CFDs is needed and also if you can take the risk involved.

Pepperstone is regulated by the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)

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Method of funding Platform Spread Type Customer Support
PayPal MT5 Variable spreads Email support
Credit Card MT4 Islamic account Live chats
Bank transfer Web Trader   Phone support
  Tablet    
  Mobile apps    
  ZuluTrade    
  cTrader    
  Mac    

 

Features of the app include;

  • It has over 50 indicators
  • Instant price alerts
  • The app is built with a market sentiment indicator.
  • The app allows for easy charting
  • The app allows an investor to configure their email to important events notification
  • Investors can use Bar Charts, Line Charts, Dots Charts, and Candlesticks
  • It is designed in over 22 languages
  • The app can be assessed using Facebook or Google
  • Also, it offers trading education to understand the assets traded

4. Easy Markets

It began trading in Forex, CFDs since 2001, and has over 10,000 traders on its platform. The Easy Market platform is regulated by the Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC

Method of funding Platform Spread Type Customer Support
Bank transfer Tablet Fixed spread Email support
Credit Card MT4 Islamic account Live chats
  Web Trader   Phone support
  Mobile apps   VIP account

 

Other Easy Market features are;

  • There is live price notification
  • Traders can monitor all CFDs trading
  • Accounts can be easily monitored and managed
  • The support service is available for 24 hours daily between Monday – Friday
  • The investor can trade financial instruments from NDQ, LSE, DAX, and several others.

5. Roboforex

The Roboforex was established in 2009 to trade Forex and CFDs. The platform has so far grown to have over 10,000 traders.

Method of funding Platform Spread Type Customer Support
Bank transfer MT5 Variable spreads Email support
Credit Card MT4 Fixed spreads VIP account
Micro account Web Trader Islamic account Phone support
  Tablet    
  Mobile apps    
  Standard account    
  Mac    
  cTrader    

 

The features of the app are;

  • For safe operation of the app, there is a two-factor authentication process
  • The Roboforex app is user-friendly
  • It can be used to open new accounts, funding of the account, and withdrawal of funds from the account.
  • It is designed to have three types of charts that are Android-optimized
  • The traders can also access their accounts details with no authorization procedures
  • Also, demo accounts using virtual funds is possible
  • Trade over 30 currencies and CFDs on the current price.

6. AvaTrade

It has been offering to trade in Forex, CFDs, social trading, and spread betting since it came into operation since 2006. The platform has over 200,000 traders. Also, it would be good to note that about 71% of investors lose funds trading CFDs using this platform. So, it would be good to ask yourself if you can take the risk of losing money.

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It is regulated by the Central Bank of Ireland, Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI), and Financial Stability Board (FSB).

Method of funding Platform Spread Type Customer Support
Bank transfer ZuluTrade Variable spreads Email support
Credit Card MT4 Fixed spreads VIP account
PayPal Web Trader Islamic account Phone support
  Tablet   Live chat
  Mobile apps    
  Standard account    
  Mac    
  MirrorTrader    

 

The AvaTrade app has the following features;

  • Real-time market and price alerts
  • The app has over 25o trading apparatus that include commodity stocks and so many others
  • It allows for both registration and direct deposit
  • The AvaTrade app is user-friendly with tools for trading, charts, and zoom for more information.
  • A multi-lingual live chat customer support service
  • It is designed with MACD, Pivots, RSI, and other technical tools.
  • Investors are open to 30:1 leverage on different instruments.

 7. FXTM

ForexTime (FXTM) was established in 2011 to deliver some superior Forex trading. The company is regulated by the Cyprus Securities and Exchange Commission and licensed by the Financial Sector Conduct Authority (FSCA) of South Africa.

However, about 90% of the investors lose funds when they trade in CFDs on the platform. So, if you think you are better off at taking a risk, then the FXTM is the right choice

Method of funding Platform Spread Type Customer Support
Bank transfer MT5 Fixed spread Email support
Credit Card MT4 Variable spreads Live chats
  MetaTrader   Phone support
  Standard account    

 

Other features of the app are;

  • Excellent customer service in over 30 languages
  • The app allows for live currency rate and real-life updates
  • It is designed with a user-friendly dashboard that gives details on margin, profits, etc
  • A demo account is available after registration
  • It comes with over 250 financial instruments with CFDs, Gold, Silver, commodities, and Indices
  • It is designed with a cross-device feature, that is, trading can begin on your desktop and you can close it on your mobile device.
  • Via the app, a new account can be opened, funds can be deposited, withdrawn, or transferred between two or more accounts

What do you think about this app?

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